SEI/USDT Shakes Off Bearish Influences, Continues Upward Correction

Price activity in the SEI/USDT daily market has rebounded upward. This happened following the dip seen in the previous session. The rebound has caused the market to increase by roughly 5% in today’s trading activities alone. Yet, the market suggests that more moves may still be seen, so let’s take a closer look.

Sei Statistics:
SEI Price: $0.4940
SEI Market Cap: $1,717,024,190
Circulating Supply of SEI: 3,524,861,111
SEI Total Supply: 10 billion
SEI CoinMarketCap Rank: 52

Key Price Levels:
Resistance: $0.5000, $0.5500, $0.6000
Support: $0.4500, $0.4000, $0.3500

Sei Closes in on the $0.5000 Threshold

Price movement in the SEI/USDT daily market can be seen to have recovered from the previous minimal downward retracement. Consequently, the market seems set to cross above the $0.5000 price level. Furthermore, recent price activity has been hugging the upper limit of the Bollinger Bands (BB).

The previous session and the ongoing one reveal that the market seems to avoid further downward retracement as price action moves away from that part of the indicator. Meanwhile, the Stochastic Relative Strength Index (Stochastic RSI) can be seen shaping to deliver another upward crossover at the 80 mark of the indicator. This may strengthen bullish convictions in the market.

SEI/USDT Market Stays Focused

The behavior of SEI’s price action suggests that market participants target higher price levels. On the 4-hour chart, a new session has begun, and the ongoing session remains bullish. Also, price action remains above the middle limit of the BB indicator. Similarly, the Stochastic RSI has just delivered a bullish crossover below the 50 mark of the indicator.

The resulting lines can be seen rising upwards toward the 50 mark. Technically, this aligns with the prevailing sentiment in the market. Consequently, crypto signals targeting the $0.5500 mark can still be used in this market.

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